Marigold Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary...
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Marigold Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January 1, 2020 $2.770,000 1,920,000 1,700,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions December 31, 2020 2021 $3.613,300 $4,158,364 2,446,000 2,887,000 2.889.000 3,770,000 197,000 (24,000) 9 % 8 % 10 % 10 % 1,019,000 592,100 0 The average remaining service life per employee is 10.5 years. The service cost component of net periodic pension expense for employee services rendered amounted to $397,000 in 2020 and $477,000 in 2021. The accumulated OCI (PSC) on January 1, 2020, was $1,480,500. No benefits have been paid. employee services rendered amounted to $397,000 in 2020 and $477,000 in 2021. The accumulated OCI (PSC) on January 1, 2020, was $1,480,500. No benefits have been paid. (a) Compute the amount of accumulated OCI (PSC) to be amortized as a component of net periodic pension expense for each of the years 2020 and 2021. Amount of accumulated OCI (PSC) to be amortized for the year 2020 $ S Amount of accumulated OCI (PSC) to be amortized for the year 2021 $ S
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